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Additional info for Corporate Valuation and Takeover
A yield may be high (or a P/E ratio low) not because investors pay less for risky dividends (or earnings) but because the company has been overlooked by the market and is genuinely undervalued. This is why Slater developed sophisticated analyses based on the P/E and growth prospects (more of which later). The rules have also broken down spectacularly since the 1980’s. com-techno crash of 2000-01. With no shortage of naïve investors tracking pure speculation (crowd behaviour) prior to the millennium, many techno-companies reported nil-dividends (zero yields) nil-earnings (no P/E), or alternatively, huge P/E ratios (sky-high prices with miniscule earning earnings) and no cover.
To shed light on these and other equity data worldwide, let us consider some typical information for a hypothetical newspaper and company expressed in pence (£ sterling). 2013 Company High Low 175 150 Coldplay Price 200 Change Dividend + or - net +5 8 Cover Yield P/E Mkt. 5 5 (1) Prices The first two columns show the highest and lowest prices in pence for the ordinary shares (common stock) during the year. Early in the year these prices will be the extremes from the previous year. These place the current price in perspective.
Share price listings also contain a vocabulary all of their own, which can seem like a foreign language to the uninitiated. Fortunately, financial gurus, such as the legendary investors Warren Buffet in the States and Jim Slater in the UK, have long thrown lifelines to investors before they dive into the stock market. Seek out their publications and you will discover investment strategies designed “to beat the system” using public information, such as share price listings, corporate and analyst reports, plus press, media and internet comment.